Kempen Lux Euro Sustainable Credit Fund - Class I

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. The Fund may invest a small part in credits that are not included in the benchmark.

The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating. The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

In the interest of the shareholders it has been decided to soft open the Fund as per 28 June 2018. As per June 2018 the Fund will continue to accept daily inflow below EUR 10 million from all investors. For investments greater than EUR 10 million please contact the Fund’s relationship manager. Redemptions will still be possible. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

Management team

Alain van der Heijden, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

Slide to see more
  Fund Benchmark
1 month 1.3 % 1.3 %
3 months 5.2 % 5.3 %
This year -0.2 % -1.2 %
2019 2.2 % 2.4 %
1 year (on annual basis) 0.4 % -0.5 %
Since inception (on annual basis) i 1.7 % 1.0 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

Slide to see more
Total fund size
EUR 896.47 M 2020-06-30
Share class size
EUR 400.63 M 2020-06-30
Number of shares
392,440 2020-06-30
Net Asset Value i
EUR 1,024.59 2020-07-10
Turnover rate
227.38 %
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2020-06-30

Slide to see more
  Fund Benchmark
Number of holdings 304 3000
Duration i 5.3 5.3
Yield to maturity 0.9 % 1.0 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2020-06-30

In June, the spread on the iBoxx Euro Corporate Index tightened by 19 basis points to 157 basis points above the government bond curve. The index earned an absolute return of +1.33%. German 10-year government bond yields closed June at -0.46%, a limited 1 basis point decrease compared to the end of May.

During the month, it became clear that government authorities in the United States have failed in their efforts to limit the number of new cases of Covid-19 infections, as daily infections reached nearly 50,000 per day near the end of the month. This is in contrast to most of Europe and large parts of Asia where a more stable and lower level of infections, albeit with sporadic flare-ups, has been realised. The United States and selected emerging markets, particularly in Latin America, are still at risk of seeing a significant worsening in terms of the number of individuals needing hospitalisation with all of the negative impact this may have on their health systems. The acceleration in the spread of the Covid-19 virus increases the risks of renewed lockdowns being implemented in numerous states within the United States, including large, economically important states like Texas, California and Florida. Despite the unfavourable Covid-19 trends, sentiment in the capital markets further strengthened as investors took comfort in actions undertaken by European policy makers and the US Federal Reserve, as well as data suggesting global economic growth has already troughed.

The German government, which had built up a reputation for embracing austerity and being unwilling to utilise its fiscal headroom during the past decade, surprised markets by launching an additional EUR 130bln fiscal stimulus program. Total stimulus enacted by the German government since the outbreak of the Covid-19 crisis now amounts to a sum equivalent to roughly 9% of GDP. The most recent stimulus measures focussed on the promotion of electric vehicles and a temporary reduction in VAT, as well as increased investment in rail infrastructure and data networks.

Other developments in Europe that contributed to the strength in investor sentiment included the announcement by the ECB that it would expand its Pandemic Emergency Purchase program by a further EUR 600 bln to EUR 1.35 trillion, as well as the strong uptake by European banks of the new TLTRO program for a net EUR 550 bln. Under the terms of the latter program banks can borrow at a rate of -1.0% and either stall the money as a deposit with the ECB at -0.5% or, for example, buy government securities at higher yields. The new TLTRO program is expected to especially support the profitability of peripheral European banks.

In the US, the Federal Reserve indicated that it would continue to expand its balance sheet by roughly USD 120 bln per month, with USD 80 bln being applied for the purchase of US Treasury bonds and USD 40 bln being applied for the purchase of agency mortgage-backed securities. The Fed also indicated that it expects to refrain from hiking interest rates before the second half of 2022 at the earliest. Finally, the Fed indicated that it would start buying corporate debt according to a self-established “broad and diversified market-index”, which market participants interpreted as giving the Fed maximum flexibility in targeting support for various hard-hit economic sectors.

Recent economic data suggests the global economy continues to recover. For example, the Eurozone manufacturing PMI has recovered to 47.4 in June from 33.4 in April. In the US, the ISM manufacturing PMI figure came in at 52.6, also up significantly from the trough level of 41.5 in April. Furthermore, the unemployment rate in the US declined to 11.1% from recent peak levels of 14.7%. Finally, Chinese June car sales increased by 4% m-o-m and 11% y-o-y.

On the corporate front, German payment processing firm Wirecard shocked markets with a disclosure suggesting approximately EUR 2 bln of reported cash on its balance sheet was in fact missing. Within a matter of days, the company, which had still been investment grade rated as of the beginning of June, was forced to file for bankruptcy protection.

During the month, bonds issued by financial companies, particularly banks, strongly outperformed bonds issued by non-financials. Within the non-financial sectors, the Construction sector was a clear outperformer. By contrast, bonds issued by companies operating in the telecom, health care and retail sectors underperformed. Subordinated bonds issued by insurance companies also underperformed.

The supply of new bonds was EUR 75 billion in June, representing a 4% decrease compared to May but a 12% increase compared to the year-earlier period. Non-financial sector companies issued EUR 51 billion in new bonds last month, while financial sector companies issued EUR 24 billion in new bonds. During the first half of the year, a total of EUR 396 billion of bonds was issued. This represents a 36% increase compared to the year-earlier period.

The portfolio delivered a return of +1.31%, representing an underperformance of 2 basis points compared to the index which generated a return of +1.33%. During the month the portfolio’s sensitivity to market trends varied between 97% and 101%. The portfolio therefore held a slight underweight to neutral positioning in terms of market risk.

Our positioning in the food & beverage, automotive and industrial goods & services sectors performed relatively well in June. In contrast, our positioning in the banks, oil & gas and telecoms sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) had a negative impact.

At individual company level, positive contributions came from the overweights in Coca-Cola HBC, DSV Panalpina, Terna, SBB, as well as from our underweight in Volkswagen (excluded) and from not having any exposure to Wirecard. By contrast, our overweights in Fidelity National Information Services, Tennet Holding and Verizon Communications, as well as from our underweights in General Electric (excluded) and AB Inbev (excluded) contributed negatively.

In June, the Fund participated in new bond issues from Standard Chartered, OMV, Zurich Insurance, Italgas, Alstria, Virgin Money, Infineon Technologies, Banco de Sabadell, Euronext, Helvetia Holding, Aeroports de Paris, Takeda Pharmaceutical, Euroclear Bank and Amcor.

UK-based Amcor is a leader within the packaging industry with respect to its efforts to reduce the life cycle environmental impact of its products. Amcor achieves this by light-weighting its products and increasing the use of reusable materials. By 2025, the company aims to have all of its packaging products be recyclable or reusable. Finally, through implementing water management plans at all its manufacturing sites, Amcor has reduced its absolute water use by 12% per annum in the four years through 2019.

Outlook
We remain relatively constructive on the market as a result of recent data that suggests economic growth has bottomed. Furthermore, we view favorably the greater emphasis being placed by management teams on bondholder interests as opposed to near-term shareholder interests. Finally, the technical backdrop remains very robust as a result of the ECB’s willingness and ability to pump liquidity into the government and corporate bond markets.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

Slide to see more
  Fund Benchmark
1 month 1.3 % 1.3 %
3 months 5.2 % 5.3 %
This year -0.2 % -1.2 %
2019 2.2 % 2.4 %
1 year (on annual basis) 0.4 % -0.5 %
Since inception (on annual basis) i 1.7 % 1.0 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
No
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Maturity profile (2020-06-30)

Fund
Benchmark
23.5 %
5-7 year
21.0 %
23.4 %
3-5 year
27.1 %
21.0 %
0-3 year
25.0 %
17.8 %
7-10 year
17.0 %
11.5 %
> 10 year
9.9 %
2.8 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-06-30)

29.5 %
Banks
14.0 %
Consumer Goods & Services
11.8 %
Utilities
10.1 %
Telecom & Technology
6.8 %
Industry
6.8 %
Health Care
6.7 %
Financial Services & Real estate
4.1 %
Insurance
3.2 %
Other
3.1 %
Energy
1.9 %
Sovereign bonds
1.7 %
Basic Materials
0.1 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-06-30)

Fund
Benchmark
2.0 %
AAA
0.4 %
4.1 %
AA
10.9 %
36.1 %
A
39.5 %
50.7 %
BBB
49.2 %
3.3 %
BB
0.0 %
1.0 %
Not Rated
0.0 %
2.8 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2020-06-30)

1.7 %
0.375% KFW 2015-30
1.3 %
3.875% Eurogrid 2010-20
1.2 %
1.500% Enexis 2015-23
1.2 %
2.000% Daimler 2020-26
1.1 %
0.736% Bank of America 2017-22
1.0 %
0.875% Equinor 2015-23
0.9 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.8 %
1.875% Groupe Bruxelles Lambert 2018-25
0.8 %
0.625% BPCE 2018-23
Total
11.2 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

Slide to see more
Management fee i
0.32 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,43 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

Slide to see more
Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2019-05-14
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Germany, Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

Slide to see more
Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0986646882
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's vision and mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.6

Â

To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

Â

Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

Â

Our full voting records are available here.

Â

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen (Lux) Euro Sustainable Credit Fund primarily aims to generate a long-term return in excess of the Markit iBoxx Euro Corporates Index (the “Benchmark”), comprising capital growth and income, by investing in corporate bonds issued by companies which comply with strict sustainability criteria.

Â

We strive to invest in companies that have a lower carbon intensity than their sector peers, or in companies that are willing and able to considerably lower their carbon intensity to a level below their sector peers – ideally in line with the Paris goals. We encourage this via continuing engagements with companies, clients, investors and other stakeholders.

Â

Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

Â

Exclusion & Avoidance

In line with the general Kempen policy, the Kempen (Lux) Euro Sustainable Credit Fund excludes all companies on the KCM Exclusion- or Avoidance list.

Â

Companies that ‘Fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded.

Â

Companies scoring an MSCI ESG rating CCC are excluded. Companies that score a MSCI ESG rating of B are excluded on a comply or explain basis.

Â

The Kempen (Lux) Euro Sustainable Credit Fund also excludes companies based on additional sustainability criteria as listed in the table below.

Â

More information on our exclusion criteria and thresholds can be found here.

Â

EXCLUSION CRITERIA KEMPEN (LUX) EURO SUSTAINABLE CREDIT FUND

Â

KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

Â

Â

x    Human Rights

v

Â

x    Labour

v

Â

x    Environment

v

Â

x    Anti-corruption

v

Â

Product Involvement

Â

Â

x    Controversial Weapons

v

Â

x    Tobacco

v

Â

x    Adult Entertainment

Â

v

x    Alcohol

Â

v

x    Animal Welfare & GMO

Â

v

x    Gambling

Â

v

x    Power Generation Nuclear

Â

v

x    Power Generation Carbon Intensive

Â

v

x    Thermal Coal

Â

v

x    (Un)conventional Oil & Gas Extraction

Â

v

x    Weaponry

Â

v

Â

ESG Integration

The assessment of companies’ ESG profiles is an integral part of our investment process. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure.

Â

A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

Â

On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers.

Â

Active Ownership

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

Â

Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

Â

Engagement examples can be found here

Â

Â

Risks

For more information about the mid and long term risks associated with the investments:

Â

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Febelfin
Label ISR
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.